The Real Estate sector in India has always been a point of focus for everyone. It is one of the most globally recognized sectors and is the second largest employer after the agriculture sector in India. It alone contributes more than 5% to 6% to the country's Gross Domestic Product (GDP) and is expected to touch US $180 billion by 2020.
Even tough, the Indian Real estate is the most reliable market then also there are many loopholes that lead to ambiguous & unethical business reforms. In order to close the loopholes, Indian government introduced the Real Estate (Regulatory & Development) Act, 2016 also known as RERA. The Lok Sabha passed the RERA Bill on 15th March 2016 and it came into force on 1st May 2016 as the RERA Act.
After considering the rules mentioned in the Gazette of India for RERA, many real estate experts said that the rules in this act are meant to benefit only buyers. It aims to protect buyers’ interest, neglecting the problems faced by the real estate developers.
Many alleged that this act will adversely affect the real estate sector and may lead to financial crisis among the real estate business holders. Many things were spoken and a lot more was concluded, but the fact is just opposite.
According to Mr. Venkaiah Naidu, the Union Urban Development minister, an amount of approx Rs. 3.5 lakh crore is invested by 10 lakh people in buying home, but many are not assured of the possession time and other quality checks. Also, many buyers have not taken the possession after the project completion, resulting in about 7 lakh unoccupied units.
The implementation of the Real Estate (regulatory & development) Act, RERA will bring good days even for real estate developers.
So, it will be inappropriate to say that RERA will only benefit a certain group of people. RERA is for all and it is implemented for the economic growth of the country.
Also Read : RERA is Right and it Gives Rights
The Real Estate (Regulation & Development Act) popularly known as RERA came into effect on 1st May 2016 after the government of India sought to promote discipline and transparency in the real estate sector of the country.
The government of Uttar Pradesh has notified the UP Real Estate (Regulation & Development) Act (RERA) on 29 October 2016. Counting to regulate the real estate sector in the state
We all have heard a proverb “Tit for Tat” but it seems that this is not true when it comes to the RERA.